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IT Consulting & Software company Tech Mahindra announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights (USD):
- Revenue stood at USD 1,548 million, witnessing a decrease of 1.6% QoQ and 7.2% YoY.
- Revenue declined by 0.8% QoQ and by 6.4% YoY in constant currency terms.
- EBITDA reached USD 169 million, marking a significant increase of 22.9% QoQ, but a decrease of 31.1% YoY, with a margin of 10.9%, up by 220 basis points (bps) QoQ.
- Profit after tax (PAT) amounted to USD 79 million, showing a notable increase of 29.5% QoQ, but a decline of 41.5% YoY.
- Free cashflow was recorded at USD 129 million.
Q4FY24 Financial Highlights (INR):
- Revenue totaled Rs 12,871 crore, a decrease of 1.8% QoQ and 6.2% YoY.
- EBITDA amounted to Rs 1,408 crore, an increase of 22.8% QoQ, but a decrease of 30.3% YoY.
- Consolidated PAT stood at Rs 661 crore, an increase of 29.5% QoQ, but a decline of 40.9% YoY.
- Earnings per share (EPS) was at 7.45.
FY24 Financial Highlights (USD):
- Revenue amounted to USD 6,277 million, marking a decrease of 5.0% YoY.
- Revenue declined by 4.7% YoY in constant currency terms.
- EBITDA reached USD 599 million, witnessing a significant decrease of 39.5% YoY, with a margin of 9.6%, down by 550 basis points (bps) YoY.
- Profit after tax (PAT) amounted to USD 284 million, showing a notable decrease of 52.2% YoY.
- Free cash flow was recorded at USD 676 million.
FY24 Financial Highlights (INR):
- Revenue amounted to Rs 51,996 crore, decrease of 2.4% YoY.
- EBITDA reached Rs 4,965 crore, witnessing a significant decrease of 38.2% YoY.
- Consolidated PAT stood at 2,358 crore, marking a notable decrease of 51.2% YoY.
- Earnings per share (EPS) was at 26.58.
Other Highlights:
- Total headcount was at 145,455, down by 795 QoQ.
- Cash and Cash Equivalent amounted to Rs 7,912 crore as of March 31, 2024.
Mohit Joshi, Chief Executive Officer and Managing Director of Tech Mahindra, stated, "As we enter FY'25, we are anticipating an enhancement in client spending, which instills optimism for a stronger revenue performance ahead. Our distinct capability to empower customers with transformative scale at unmatched speed sets us apart from competitors. Despite the challenges faced by the IT services sector in FY'24, including global economic uncertainties, we have observed a significant push towards digital adoption."
Rohit Anand, Chief Financial Officer of Tech Mahindra, added, "With another quarter of robust cash generation, we have witnessed improvements in deal wins and operating margins in Q4FY’24, facilitating consistent dividend distribution. We are confident that our strategic actions will result in steady earnings growth in the coming years. Our focus remains on operational excellence and cost savings to deliver superior shareholder returns."
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